America has lost its AAA credit rating. After Friday's flat day of trading in the States, Standard and Poor has dropped the US to AA with a negitive outlook. This has never happened before. Our PM says Australia's rating will not drop.

I went out to the supermarket and bought cola, maltesers and popcorn. Tommorow I am going to sleep in, turn my computer on at 10am and watch the monkeyfight happening on the ASX200. Should be worth a laugh.

It should be really interesting on Monday, part of me thinks that the market is starting to look really cheap and a 4% fall in Friday makes the index a tempting buy, but at the same time I do wonder what the ramifications the US's AAA rating loss will mean - will many institutional investment funds be forced to liquidate their US bond holdings since the fall in credit rating?

That said if stocks fall much further I think I might become a buyer...